Using A Structured Settlement as Collateral for a Bank Loan
Using Your Structured Settlement as Collateral for a Bank Loan According to the National Structured Settlement Trade Association (NSSTA) “Normally, you may not use your structured settlement payments as collateral for a loan. The reason is that the federal law designed to provide these benefits to you on an income tax-free basis also prohibits you from assigning or encumbering them”. The National Association of Settlement Purchasers (NASP) states, “That is an option, if you have good credit and are willing to take on additional debt.” The NASP also adds, “Unfortunately, few banks will take your payments as collateral. That is […]
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Using a Structured Settlement as Collateral
Selling a structured settlement:
1. Requires a Court to approve the transaction;
2. Will take up to 90 or more days to complete the process; and
3. The final “net” amount received is far less than the “face value” of the annuity.
Because a person who sells a structured settlement annuity will receive a deeply discounted amount of money, it is critical to be as informed as possible before making the decision to sell. Plus, as not all transactions are approved by a Court, there’s no guarantee your sale will be approved as a court must first find that the sale is in your best interests. Mr. Ahtirski knows the Court system and also knows how to help sellers of structured settlements seek to negotiate a higher purchase price from the various companies that buy structured settlements.
Put our experience to work
Since 1994, attorney Eugene Ahtirski has been an active participant in almost every area of the secondary market factoring industry pertaining to the sale of future payment streams and has personally participated in thousands of court approved transfers. Mr. Ahtirski experience extends to various other forms of payment streams as well besides structured settlement payment rights such as casino and lottery payouts, and entertainment industry residuals.
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Contact a Structured Settlement Attorney who can accurately evaluate your structured settlement and provide Independent Professional Advice
You need not settle for small payments over a lengthy period of time. Get the maximum present value for your full recovery by calling the Law Offices of Eugene Ahtirski at 800.200.4384 or contacting the firm online.